The bull picks up speed in Piazza Affari, goaded by the banderillas of banks, Fiat and Mediaset. European equities hover around the five-and-a-half-year high recorded yesterday, in a cautious market awaiting the meetings of the executive boards of the ECB and the BoE. The euro moves higher. The single currency trades at 142,71 yen and advances to 1,3608 dollars from 1,3574.
The index Ftse Eb it rises by 0,82%, to 19.595, alongside the Madrid list +0,8%. London (+0,30%), Paris (+0,21%) and Frankfurt (+0,34%) are also on positive ground.
Lo spread remains stable below 200 points. Auctions of French and Spanish government bonds are scheduled today. Also scheduled for today is the placement of a 2-2,5 billion reopening of the Portuguese union June 2019 coupon 4,75%.
It stands out among the blue chips Mediaset (+6,39%), boosted today by rumors about a collection boom in Spain and the interest of US funds for pay-TV. The company, in particular, has allegedly decided to accelerate the project to create a vehicle company for pay TV, conferring 100% Premium and 22% D+, to arrive at a definitive assessment by June.
But analysts are starting to be a little skeptical of the headline run registered by the title in the last month. The stock grew by 27% in less than a month, which means an increase in capitalization of 900 million: almost double the fair value of the assets (valued at around 550 million) and the valuation on the sum of the parts of 275 million.
“The current prices – writes Icibpi – however seem rather generous, in consideration of the limited visibility on the impact of the separation of the pay activities on the profitability of the Italian activities”.
Sturdy rebound also for Fiat (+2,43%). Good upside of Pirelli (+1,35%): in an interview with the Frankfurter Allgemeine, the president Marco Tronchetti Provera affirms that he intends to resign in 2017 and possibly be willing to sell the shares. Tronchetti Provera also rejected the idea of keeping Pirelli as a family business.
Large companies are too complex nowadays for families to run them, explained the Milanese entrepreneur, also stating that Italy is too complicated and expensive a country for businesses and Germany is only slightly better .
Among the banks shines Banco Popolare (+4,65%), supported by the positive opinion of Exane, which confirms the outperform rating on the stock and the target price of 1,80 euro. The reasons for the buy include the belief that the bank will formalize the buyback by 9 February of the convertible bond from merger by incorporation, as a consequence of the incorporation of Creberg and Italease into the parent company. Furthermore, according to Exane, the bank is negotiating the possible sale of a large part of the non-performing loan portfolio.
MontePaschi +0,38%, they advance Understanding (+ 0,67%) and Unicredit (+0,68%). S&P Capital raises its target to 6,75 from 6,10 (buy).
Extend the insurance: Generali + 0,86% UnipolSai + 1,77%.
The descent of the luxury sector continues: Ferragamo loses 2,85%, Tod’s drops 4,62% after Bank of America's negative recommendation (Underperform). Moncler -2,4% Luxottica + 0,8% cucinelli -1,9% Yoox + 1,75%.
Asset management is also well set up: Azimuth + 1,67% General Bank +2,6% and Mediolanum + 2,75%.
Ansaldo STS rises by 2,71% in the wake of the interest of the French of Thales. Highlights too Saipem (+ 2,07%).
Slows StM (-1,97%) after Deutsche Bank's downgrade to Sell.
